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London-headquartered development bank EBRD [European Bank for Reconstruction and Development] announced on Wednesday that it is increasing its equity stake in Egyptian renewable energy developer Infinity through an additional $41.5 million commitment after having invested $60 million in 2020.
EBRD said a portion of the Bank’s proceeds will go towards acquiring African renewable energy platform, Lekela Power, through Infinity Power Holding, the joint venture between Infinity and the UAE’s Masdar.
The Lekela acquisition will add 1.1 gigawatts (GW) of operational assets and transform Infinity Power into the largest African renewable energy platform, the statement said.
Infinity portfolio comprises 184 MW operating solar PV power plants in Egypt, and a pipeline of approximately 1.95 GW in the region.
On Wednesday, the consortium of Masdar, Infinity Power Holding and Hassan Allam Utilities signed a framework agreement with Egyptian state-backed organisations to develop a 2 GW green hydrogen project in the Suez Canal Economic Zone (SCZONE).
The same consortium had also inked an agreement with Egypt’s Ministry of Electricity and Renewable Energy last week to develop a 10 GW onshore wind farm in the country.
(Writing by Eman Hamed; Editing by Anoop Menon)
